Warby Parker (NYSE:WRBY) Stock Price Down 3.1% Following Insider Selling

Warby Parker Inc. (NYSE:WRBY)’s share price traded down 3.1% on Thursday after an insider sold shares in the company. The stock traded as low as $24.90 and last traded at $24.92. 577,223 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 1,444,560 shares. The stock had previously closed at $25.72.

Specifically, CEO Neil Harris Blumenthal sold 93,946 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $25.08, for a total value of $2,356,165.68. Following the sale, the chief executive officer now owns 12,177 shares of the company’s stock, valued at $305,399.16. This trade represents a 88.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Neil Harris Blumenthal sold 56,054 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $25.09, for a total transaction of $1,406,394.86. Following the transaction, the chief executive officer now directly owns 12,177 shares of the company’s stock, valued at approximately $305,520.93. This trade represents a 82.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. William Blair upgraded Warby Parker from a “market perform” rating to an “outperform” rating in a report on Thursday, November 7th. Piper Sandler boosted their target price on Warby Parker from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Telsey Advisory Group raised their price target on Warby Parker from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. The Goldman Sachs Group boosted their price objective on shares of Warby Parker from $20.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, JMP Securities raised their target price on shares of Warby Parker from $23.00 to $28.00 and gave the stock a “market outperform” rating in a research report on Monday, December 16th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.73.

Warby Parker Stock Performance

The business’s 50-day moving average is $21.72 and its 200-day moving average is $17.53. The company has a market capitalization of $2.48 billion, a PE ratio of -90.44 and a beta of 1.93.

Hedge Funds Weigh In On Warby Parker

Several large investors have recently made changes to their positions in the business. Blueshift Asset Management LLC purchased a new stake in shares of Warby Parker in the 3rd quarter worth approximately $1,223,000. State Street Corp grew its stake in shares of Warby Parker by 3.2% in the third quarter. State Street Corp now owns 2,209,025 shares of the company’s stock worth $36,073,000 after acquiring an additional 69,108 shares during the last quarter. Maverick Capital Ltd. bought a new position in shares of Warby Parker during the second quarter valued at $1,465,000. Driehaus Capital Management LLC increased its holdings in shares of Warby Parker by 43.9% during the second quarter. Driehaus Capital Management LLC now owns 806,501 shares of the company’s stock valued at $12,952,000 after acquiring an additional 246,011 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Warby Parker by 3.2% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,555,705 shares of the company’s stock worth $41,735,000 after purchasing an additional 78,295 shares during the last quarter. 93.24% of the stock is currently owned by hedge funds and other institutional investors.

About Warby Parker

Warby Parker Inc provides eyewear products in the United States and Canada. The company offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, non-prescription lenses, and contact lenses. It also provides accessories, such as cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray through its retail stores, website, and mobile apps.